HTC Desire : Can I ReCreate Wifi Hotspot?

I'm wanting some advice from those who have used their Desires as a hotspot (either on 2.2 natively or with an app). How reliable and how fast is it?

The reason I ask: I'm thinking of getting an ipad (cue the abuse!) and rather than spend he extra on the 3G model I was considering using my Desire as a wifi hotspot.

Previously, I had an iphone 3G jailbroken and used the mywi app to do what I've just explained but with my laptop. It worked really well although not flawlessly.

Also, after some testing with the same sim card, I found it to be a bit slower than either a dongle or by connecting the phone via USB to the laptop (the latter of course won't be an option with the USB-less ipad!)

My suspicion is that I'm probably better off spending the extra as it probably won't be flawless, or as fast, using my phone as a wifi spot.